The market for weather forecasting services is expected to generate US$ 2.35 billion by 2022, from an estimated US$ 2.2 billion in 2021. By 2032, the market is expected to reach US$ 4.5 billion, with a 6.7% CAGR during the forecasted period of 2022–2022. The market’s growth can be due to the increasing need in end-use industries including transportation, logistics, and renewable energy to boost productivity and cut costs in various developing nations.
A further important factor boosting the business over the evaluation period is the expansion of the aviation and energy sectors. Small-range weather forecasting services’ increasing use in predicting environmental conditions is projected to present the business with sizable growth prospects throughout the course of the forecasting period.
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The fundamental nonlinearity of weather forecasting models, on the other hand, is anticipated to be the main barrier to the market’s growth. Another obstacle preventing the industry’s growth throughout the Forecasting period is the process’ increased complexity due to the proper integration and analysis of a vast amount of data.
Key Takeaways from the Market Study
- Weather forecasting services for agriculture to capture the largest revenue share of more than 60%
- Medium-range Forecasting services segment to expand at a CAGR of 6.7% during the Forecasting period
- The U.S market is expected to secure USD 1.44 Billion while expanding at a CAGR of 7%
- China to record a CAGR of 6.8% during the 2022-2032 period of assessment
Competitive Landscape
Key players in the global Weather Forecasting Services market include AccuWeather, Inc., DTN, Earth Networks, Fugro, Met Office, Precision Weather Service, Spire Global, StormGeo, The Tomorrow Companies Inc., and The Weather Company (IBM). Some of the recent key developments among the players are:
- In January 2022, Global weather and digital media leader AccuWeather announced the acquisition of Paris-based environmental technology company Plume Labs® for an undisclosed amount, effective immediately. The deal is AccuWeather’s 15th acquisition since its founding 59 years ago. AccuWeather integrated the company in January 2022 and the deal was closed in December of 2021.
- In May 2022, DTN, a global data, analytics, and technology company began testing the high-performance computing (HPC) capabilities of Amazon Web Services (AWS) and running data processing and modeling workloads on Amazon Elastic Compute Cloud (Amazon EC2), a service that provides secure, resizable compute capacity in the cloud.
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More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Weather Forecasting Services market, presenting historical market data (2017-2021) and Forecasting statistics for the period of 2022-2032.
Key Segments Covered In The Weather Forecasting Services Industry Survey
Weather Forecasting Services Market by Forecast:
- Nowcasting Weather Forecasting Services
- Short-range Weather Forecasting Services
- Medium-range Weather Forecasting Services
- Long-range Weather Forecasting Services
Weather Forecasting Services Market by Organization Size:
- Weather Forecasting Services for Large Enterprises
- Weather Forecasting Services for Small & Medium Enterprises
Weather Forecasting Services Market by Industry:
- Weather Forecasting Services for Agriculture
- Weather Forecasting Services for Aviation
- Weather Forecasting Services for Energy & Utilities
- Weather Forecasting Services for Renewables
- Weather Forecasting Services for Retail
- Weather Forecasting Services for Manufacturing
- Weather Forecasting Services for Media
- Weather Forecasting Services for Logistics & Transportation
- Weather Forecasting Services for Marine Industry
- Weather Forecasting Services for Other Industries
Weather Forecasting Services Market by Region:
- North America Weather Forecasting Services Market
- Latin America Weather Forecasting Services Market
- Europe Weather Forecasting Services Market
- Asia Pacific Weather Forecasting Services Market
- The Middle East & Africa Weather Forecasting Services Market
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